Recruit Holdings (6098) Q2 2026 earnings summary

Executive summary

• Q2 revenue and EBITDA +S grew, with EBITDA +S margin rising to 22.7% year-over-year and net cash at ¥590.5 billion as of September 30, 2025.

• Full-year consolidated guidance and U.S. HR Technology revenue outlook were revised upward, reflecting strong monetization and operational efficiency.

• Profit attributable to owners increased 11.6% to ¥248.3 billion for the first half, with basic EPS up 18.9% to ¥173.12.

• A new share repurchase program of ¥250 billion commenced, with over ¥428 billion repurchased in the first half.

• Comprehensive income surged 91% to ¥260.6 billion, reflecting improved profitability.

Financial highlights

• Q2 consolidated revenue increased 2% year-over-year to ¥914.7 billion; EBITDA +S margin was 22.7%.

• First half revenue was ¥1,793.6 billion, down 0.3% year-over-year; EBITDA +S for the six months was ¥394.5 billion, up 7.4% YoY.

• Profit attributable to owners for Q2 was ¥127.4 billion (+9.8% YoY); basic EPS for Q2 was ¥89.16 (+16.4% YoY).

• Gross profit increased 0.7% to ¥1,064.5 billion; total assets decreased 7.9% to ¥2,552 billion due to share repurchases.

• Net cash at period end was ¥590.5 billion, down from ¥822.7 billion at March 31, 2025.

Outlook and guidance

• Full-year consolidated revenue guidance revised upward to ¥3,598.5 billion (+1.2% YoY); EBITDA +S to ¥733.5 billion (+8.1% YoY).

• Full-year profit attributable to owners forecast at ¥448.3 billion (+9.8% YoY); basic EPS expected at ¥313.00 (+15.3% YoY).

• Segment outlook: HR Technology expects US ARPJ growth but lower Japan placement revenue; Staffing sees stable Japan demand but slow overseas; Marketing Matching Technologies expects continued Lifestyle growth but a one-time revenue shift due to an accounting update.

• Interim dividend per share for FY2025 set at ¥12.50; total expected dividend ¥25.00 per share.

• U.S. ARPJ expected to grow ~16% YoY in H2, despite a 7% decline in job postings.